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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Allscripts Healthcare Solutions (NASDAQ: MDRX ) , a health care information technology company, jumped as much as 10% after the company announced better-than-expected preliminary second-quarter booking results.
So what: In a press release, Allscripts noted that it anticipates that bookings will exceed the $200 million mark, which is higher than the $194 million in booked in the year-ago quarter. This would be Allscripts first year-over-year increase in bookings in the past six quarters. Allscripts also pointed to a consistent customer backlog totaling $3.1 billion.
Now what: Before you get too excited, keep in mind that this is the same company that seemed desperate to sell itself last year only to find no buyers. The strength associated with today's release is surprising, but I'm not exactly sure I'd call it a trend. Allscripts' turnaround strategy could take years to execute, and it's likely to put the company even further behind its peers. I'd suggest keeping a safe distance and observing Allscripts from the sidelines.
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